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Wema Bank hitS the MARK, emergES winner of the “best PERFORMING FINANCIAL stocks in 2022”.
This was revealed in a recent report compiled and published by Nairametrics and reported by Newsshelve.
Statistics revealed that Wema Bank stocks were the best-performing stocks in the year under review.
This was in relation to the 159 publicly listed companies within the stipulated period (December 31st, 2021 to December 30th, 2022), where Wema Bank topped the pack.
Closer examination of the data showcased that Wema Bank’s share price appreciated and closed the year with a percentage increase of 441.7 percent which was N3.9, down from the 72 kobo recorded at the end of 2022. Hence the bank recorded a healthy 51% increase in gross earnings in the first nine months of 2022 and a 31% increase in post-tax profit. Investors rallied around the bank’s stocks despite a general downturn in most banking stocks during the year.
The Bank therefore declared a final dividend of 24 kobo per ordinary share to its shareholders in 2021 fueling speculation that increased profitability in 2022 could suggest a better dividend payout to shareholders.
Thus the Nigerian equity market rallied by 19.98% in 2022, higher than the 6.07% recorded in the previous year. This was indeed a welcome development after several years of dividend freeze, thus resuming dividend payments to shareholders.
This could be attributed to several years of saving and process modernizations, and the increasing leverage on digital technologies to serve its customers.
Wema bank enjoyed a profitable 2022 in terms of its financial performance.
Hence the award of ” The best-performing commercial bank in the first half of 2022″, based on metrics from its financial statements.
The Bank was also crowned with an additional feather “Highest Dividend Yield” award at the Pearl Awards in 2022. Multiverse Mining Company was another of last year’s best-performing stocks. Meyer Plc, Thomas Wyatt Plc, and Academy Press Plc, among others completed the pack.